5  Steps For Buyers of Used Diamonds

5  Steps For Buyers of Used Diamonds

Step 1. Set A Budget For Your Used Diamond

Step 2. Determine Your Partner’s Preference in Used Diamonds

Step3. Learn About Used Diamonds

Step 4. Find a Trusted Marketplace for Used Diamonds

Step 5. Get Insurance For Your Used Diamond Purchase

Across our publication, the Diamocycle Dispatch, we provide educational resources for buyers of used diamonds. Our diamond legacy as a family began in 1857, and for more than 150 years, we take pride in giving honest advice we would share with a valued customer. 

Step 1. Set A Budget For Your Used Diamond

Determining one’s budget is the first step toward success when shopping for a used diamond. A budget should be an amount you feel comfortable with and does not stress your personal finances. We do not recommend spending all your savings on the ring of your partner’s dreams. Remember, retail diamonds are a luxury purchase and not an investment. While used diamonds can be more affordable when purchased from the right source, you are unlikely to recoup your capital if you need to sell a diamond. By buying from the right purveyor, you can obtain a larger, higher-quality diamond with the same budget.

Step 2. Determine Your Partner’s Preference in Used Diamonds

Remember that the used diamond you purchase is for your partner, not yourself. Your personnel tastes should take a back seat to your partner’s preferences. Usually, people drop hints about the diamond shape they like and let their close friends and family know. For example, if your partner is set on a marquise shape diamond in a Tiffany Style yellow gold setting, they will not be happy with a round brilliant cut diamond in a platinum halo setting. 

This step is where we see many customers go wrong, leading to hurt feelings, broken relationships, or buying another used diamond. So, we suggest finding out what style of ring your partner likes. 

While surprise can be exciting, it takes backstage to purchase the right diamond shape, so ask your partner what rings they like.  

Step3. Learn About Used Diamonds

Educating yourself about used diamonds is fundamental to making an informed purchase. We provide extensive educational support through our publication, The Diamocycle Dispatch. Here is a comprehensive guide on used diamonds we published, https://www.diamocycle.com/a-guide-to-buying-a-used-diamond. Purchasing your used diamond from a trusted source is essential to getting the best value. 

Step 4. Find a Trusted Marketplace for Your Used Diamond Purchase

We recommend purchasing your used diamond online. Brick-and-mortar sellers have higher overhead than internet marketplaces. We recommend purchasing from a marketplace that specializes in used diamonds. An ideal marketplace should have the following safeguards in place for buyers. At Diamocycle, we have all of these in place. Start shopping here at Diamocycle Marketplace.

Marketplace Policies to Protect Buyers

  • 3rd party inspection from a reputable gem lab

  • Secure holding of buyer’s funds

  • Reliable insurance carrier.

  • Some form of  Return Policy

  • Marketplace pricing guide

Step 5. Get Insurance For Your Used Diamond Purchase

Protecting your purchase from loss is the last step and should be set up as soon as the purchase is made. For this step, you should use the diamond certificate, diamond appraisal, and bill of sale. We do not recommend over-appraising your ring, but we advise that inflation should be a concern if you need to replace your purchase. We recommend Jeweler’s Mutual Insurance Group as the gold standard in jewelry-specific insurance. 

We enjoyed helping you navigate your used diamond purchase. Please visit our marketplace here. https://www.diamocycle.com/market-place

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